Professionalization of Family Business and Performance Effect
研究台湾205家上市家族企业IPO后10年的数据，发现家族过度控制会损害绩效，非家族大股东可能撤资，建议引入专业管理以维持股权支持。
This study seeks to understand the governance of post–initial public offering (IPO) family firms and its impact on performance. Using an analysis of a balanced panel data set of 205 publicly listed firms in Taiwan spanning 10 years (2,050 firm-years), we found that extensive family control has a negative impact on the post-IPO performance and that nonfamily block shareholders may divest their stockholdings in these firms to protect their investments. To sustain equity support from their block shareholders, post-IPO family firms should combine the use of family control with professional management in their corporate governance structure.